Struggling with frugality, debt, parenting, and weight

June 2014 Early Retirement Progress

We contributed $3,304.33 this month to our retirement accounts – my contribution was “left over” from my May paycheck, which didn’t get deposited until mid-June. We “made” $7,565.24 in interest this month.

My “new” job has an 8% contribution to a 403(b) plan – it’s not a match, but it’s contributed whether I contribute or not. I have to wait 3 years until it’s vested, but that’s OK. Depending on how difficult it is to change my contribution levels, I might start with 8% contribution for the first month or two until we sort out the moving expenses and anything we borrowed to move. Then I’ll contribute 20% from then on (which will bring me up to the legal max). Or, if it’s difficult to change, I’ll just start with 20% right off the bat.

Dad will continue working for the same company, so he’ll be able to completely vest in his 403(b). Things are looking good for being able to contribute our planned 40k this year – and possibly 50-55k next year. And with a $1000 less for mortgage payments, we should be able to contribute that to our taxable account (or maybe a Roth?).

2014 Totals

So far, for 2014, we’ve contributed $19,806.43 (49.52% of the new goal of 40k), and we’ve gained $22,398.62 in investment gains (110.55% of our planned total).

Those numbers are both “our” money and employer matches. With a match of 8.33% for Dad and a “match” of 8% for me, that’s a lot of money to contribute. Since we plan on putting in the maximum allowed by the IRS next year, that is a “start” of ~$50,500 (assuming we both keep our jobs all year, etc….) I’m hoping that we can contribute more on the taxable side with a smaller mortgage as well.

I think the 50-55k number is a minimum really. Unless something happens to our earning potentials (like we lose a job), I’m hoping that we’ll be able to contribute closer to 65k. Getting to our goal of 40k this year might be a little struggle because of all the costs of moving we’ll be doing over the next few months, but I’m hoping we can still meet that goal. Thanks for stopping by!